New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 28, 2014
08:32 EDTBEE, BXStrategic Hotels to buy remaining interest in Hotel del Coronado for $210M
Strategic Hotels & Resorts announced last night that the company has signed an agreement to acquire the remaining 63.6% ownership interest in the 757-room Hotel del Coronado for $210M. The company currently owns a 36.4% ownership position in the asset through a joint venture with certain affiliates of Blackstone Real Estate Partners VI (BX). The transaction values the asset at a gross value of approximately $787.0M, net of approximately $18.0M of cash currently held at the property and within the joint venture, and includes the assumption of the existing $475.0M mortgage financing. The net purchase price represents a 14.3 times multiple on forecasted 2014 EBITDA and a 6.2% capitalization rate on forecasted 2014 NOI. Management estimates the to-be-acquired 63.6% interest in the hotel is projected to generate an incremental $19M-$21M of EBITDA for the remainder of 2014. In Q1, RevPAR grew 11% at the property resulting in 21% EBITDA growth. The transaction, which is subject to certain closing conditions, is expected to close in the second quarter of 2014.
News For BEE;BX From The Last 14 Days
Check below for free stories on BEE;BX the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
August 29, 2014
15:13 EDTBXQuirky drops out of bidding to buy appliance unit from GE, Bloomberg says
Subscribe for More Information
August 28, 2014
15:30 EDTBXBlackstone planning NYC tower sale for over $2B, Bloomberg says
Blackstone (BX) has hired Eastdil Secured to market 1095 Avenue of the Americas, which will soon be the headquarters of Verizon (VZ), and the NYC building may sell for about $2.25B, according to Bloomberg, citing people familiar with the matter. Reference Link
15:25 EDTBXBlackstone planning NYC tower sale for over $2B, Bloomberg says
Subscribe for More Information
August 25, 2014
08:34 EDTBEEStrategic Hotels management to meet with JPMorgan
Subscribe for More Information
August 22, 2014
06:54 EDTBXBlackstone using loophole in European loan rules, Reuters says
Subscribe for More Information
06:42 EDTBXBlackstone in discussions to back China-based fund, Bloomberg says
Blackstone (BX) is in discussions to possibly back Hong Kong-based distressed fund, Arkkan Capital Management, which was founded by the former global leader of Goldman Sachs' (GS) special situations division Jason Brown, according to Bloomberg, citing two people with knowledge of the matter. Reference Link

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use